The Most Profitable Crypto to Mine in 2022
By:C, FionaWhat are the Most Profitable Crypto to Mine?
We have known what crypto mining is and how to mine in our previous guide, Now that let’s discuss which cryptocurrencies are most profitable for mining.
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In this article:
The most profitable crypto for mining
- Ethereum (ETH)
- Litecoin (LTC)
- Monero (XMR)
- Ethereum Classic (ETC)
- Monacoin (MONA)
- Aeternity (AE)
- Metaverse (ETP)
- Grin (GRIN)
The Most Profitable Crypto for Mining
When people choose to mine, they mainly look for profitability. However, some junior miners may misunderstand this indicator: it does not just depend on the price of money. You must also consider the costs associated with the mining machine running the above cryptocurrency, how much you can get every day, the number of blocks you need to mine to make profits, and so on.
A good way to calculate the profitability of your future mining operations is to use a mining calculator. Enter the cryptocurrency you want to dig, your hardware, hash power, etc. to see how much profit you may make every day.
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Ethereum (ETH)
When choosing which cryptocurrency to mine, Ethereum, the second most popular cryptocurrency and the original smart contract launchpad is undoubtedly the choices of many people. However, under normal circumstances, the more people try to mine one, the more profits they each get – partly because the reward for each block is halved / tripled, and partly because the coin reaches the total supply faster.
Ether uses the proof of work hash function Ethash. If you mine in a pool or through cloud mining, it can still make money. It is not a good idea to mine Ethereum alone, even if you do get all the block mining rewards. However, ETH has the same advantages as Bitcoin – you can be more or less certain that its price will remain strong in the next few years.
Considering that it is more profitable than Bitcoin, Ether still deserves a place on our list and becomes one of the most profitable cryptocurrencies. If you want to make a profit by mining Ethereum, we suggest you join the mining pool or consider cloud mining.
Litecoin (LTC)
Litecoin originated from the “light” version of Bitcoin and has some common features with BTC. However, LTC transactions are cheaper and four times faster. Unlike Bitcoin, LTC uses proof-of-work hash function called scrypt, which allows you to use GPU to mine this digital currency without buying expensive ASIC chips. The mining reward of LTC can be very high. However, please note that LTC mining requires a powerful hardware setting, which will consume a lot of energy.
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Monero (XMR)
Monero is a kind of privacy coin, which was founded in 2014. It is based on the CryptoNote protocol and uses theRandomX hash function. This is another anti ASIC cryptocurrency.
Monero is one of the most popular mining coins for a reason: it has an unlimited supply, which means that its mining complexity will not increase like that of Bitcoin. Its price is very high, ranking in the top 44 by market value. It has good long-term prospects. Overall, Monero is definitely one of the most profitable cryptocurrencies.
Ethereum Classic (ETC)
As early as 2016, Ethereum had to make a hard fork to recover from Dao attacks. As its name suggests, Ethereum Classic is a slightly modified and upgraded version of the original Ethereum before 2016. It can use CPU and graphics card for mining.
With a market value of about $6billion, Ethereum Classic undoubtedly has a large number of fans, although less than its young cousin. Therefore, it also needs considerable computing power to obtain the reward for block mining – but considering that it is a mature cryptocurrency, it may bring stable profits to miners in the long run. In general, it can be considered as a good substitute for Ethereum – the reduction of Ethereum’s classic mining complexity is offset by its less stable and lower price.
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Monacoin (MONA)
Monacoin is a fork of litecoin. Its lyra2re (V2) work proves that the hash algorithm makes it one of the best cryptocurrencies for mining with GPU miner. What people need is a safe hardware wallet and a hardware device that can handle the mining process of the coin.
As this is an unknown cryptocurrency, it is easier to mine than ETC or ETH, making its profits higher. However, if you want to make millions of dollars by mining, its low price and gloomy growth prospects are not very optimistic.
Aeternity (AE)
Aeternity is an open source intelligent platform, which was launched in january2017. It aims to solve the scalability and security problems faced by many cryptocurrencies. AE combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms with CuccooCycle hashing, where miners create blocks and validate transactions at the same time. Aeternity is one of the most profitable mining coins at present because of its unusual network mode and fast running speed.
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Metaverse (ETP)
Metaverse is a cryptocurrency launched in june2017. Metaverse is the first public blockchain in China. It should highlight all the successful concepts of Bitcoin, Neo and Ethereum, improve them, and combine them into one platform.
The main goal of the project is to “build a universe in which digital assets (Metaverse Smart Token) and digital identity (Avatar) build the foundation of asset transaction with the help of value intermediary (Oracle), so as to establish a new blockchain ecosystem, change human society and let us enter a new reality”.
This coin runs on the Ethash Proof-of-Work algorithm. At present, the most profitable way to dig ETP is to participate in a large and reliable mine pool, aiming to combine the hash capacity of all participating miners.
Grin (GRIN)
Grin is a completely open source, community driven cryptocurrency. Every minute, 60 green blocks are mined, creating a coin every second, forever. This linear emission with fixed block mining incentives creates a sustained increase in supply, but reduces inflation. This design not only ensures the long-term security of the blockchain, but also makes the mining process more fair and democratic.
Grin is by no means a popular cryptocurrency, but it has a dedicated user community that believes in it. Because it is not very popular, it is easier to dig. Although the price is low, it can bring stable profits. 60 Grin per block may not seem like much, but since the price of the coin is $0.40, it is equivalent to $24 per hour – obviously not an astronomical figure, but not bad at all.
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Conclusion
There are many cryptocurrencies, so it’s hard to decide which one you want to mine. As you can see from our guide, no “best” cryptocurrency can be mined. In terms of mining and profitability, some are better and some are worse.
However, in the end, you will have to make decisions based on the resources you have, the goals you pursue, and, in addition, the chains and projects you may be interested in supporting.As usual, we remind you of to do your own research, and carefully assess the risks before you start mining and investing in cryptocurrencies.
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